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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Stock-Flow Adjustments, Government’s Integrated Balance Sheet and Fiscal Transparency
Mr. Mike Seiferling
This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal transparency. Applying the fully integrated relationship between financial stocks and flows allows for a more refined analysis of the deterministic components that make up the ‘stock-flow’ residual. Using partial measures of these stock-flow residuals, several empirical studies have found them to be significantly correlated with fiscaltransparency, inflation, fiscal rules, and banking crisis. Using fully integrated public finance data from the IMF Government Finance Statistics Yearbook for a sample of 22 countries, the findings in this paper suggest that stock-flow residuals have a significantly smaller magnitude than previously assumed and are, in fact, not correlated with fiscal transparency. A stronger determinant of fiscal transparency scores appears to be the actual reporting of fiscal data covering general government, especially a full financial balance sheet.
Keywords:
WP; balance sheet; stock flow adjustments; government finance statistics; fiscal transparency; public finance; stock-flow residual; stock-flow adjustment; gross debt; balance sheet approach; nonstructural debt reduction; adjustment identity; Financial statements; Stocks
Cover IMF Working Papers
Growth and Recovery in Mongolia During Transition
Mr. Kevin C Cheng
This paper studies Mongolia's experience of growth and recovery during the first decade of its transition to a market-based system and compares it with those of other transition economies. Mongolia, like most other transition economies, experienced a painful, initial "transformational recession" before the economy began to recover, with efficiency gains the main source of growth during the early stages of transition. Mongolia's transition process has been relatively smooth compared with other transition economies, probably reflecting the combined effects of some favorable initial conditions, coupled with the early adoption of appropriate adjustment policies and market-oriented reforms.
Keywords:
WP; Mongolia; process; economy; deflator; transition; growth accounting; transition economy; output performance; growth performance; depreciation rate; transition process; output recovery; sources of growth; primary sector; Total factor productivity; Stocks; Production growth; Central and Eastern Europe